India: Nexus Venture leads $8m Series B funding round of MoveInSync

Office commute automation platform MoveInSync Technology Solutions has raised $8 million in its latest round of funding led by venture capital firm Nexus Venture Partners.

According to an official statement, the Series B round also saw participation from existing investors Inventus Capital Partners, Saama Capital and Qualcomm Ventures.

The Bengaluru-based startup plans to use the capital raised to further develop the end to end transport offerings, accelerate customer acquisition and launch in international markets.

MoveInSync started as a car pooling service called RideInSync and changed its model in 2009. In 2015, MoveInSync had picked up some venture debt from InnoVen Capital, prior to which in 2014, it raised $3.5 million in its Series A round from Inventus Capital Partners, Qualcomm Ventures and Saama Capital.

The platform uses patented algorithms to ensure optimum vehicle utilisation and employee commute time. It also includes automatic vehicle tracking during office commute from pick-up to drop point and a centralized command centre to address growing concern for safety of employees, especially women.

“Our customers are seeing more than 20% cost reduction within six months of implementation of our system. By leveraging MoveInSync’s transport automation solution, companies also see increased employee satisfaction and are able to address employee safety,” Deepesh Agarwal, co-founder & CEO said.

Early-stage investment firm Nexus Venture is one of the most active investors in the country. Its investment size ranges from $500,000 to $10 million in early-growth stage companies. It currently manages $1.2 billion across funds, and is reportedly looking to raise around $400 million for its latest fund.

It most recently invested $1.1 million in Pune-based health-tech startup LiveHealth‘s seed round. Prior to this, it led $5 million in a Series A round led by job advertising technology platform Joveo. The investment firm also participated in a $4.3-million funding round of its portfolio firm Pratilipi in February this year.

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